Agriculture Commodities fell on Tuesday after the gains which have been generated in previous sessions to close today’s trading session in the red territories.
Regarding weather news, the weather is mixed today, where Iowa is expected to receive some rains while midway weather turned to be drier for next week.
Oil prices rose on Monday to end the session in the green boosted by inventories cuts. However the fears over the impact of global economic have pressured the prices on Tuesday.
U.S. Crude oil rose on Monday to close higher at $60.02 per barrel while it fell on today’s session to trade lower at $59.44 a barrel.
Brent oil advanced on Monday to end the session up at 68.01 a barrel while it lost on today’s session to trade down at $67.76 a barrel.
CBOT Wheat May Futures ended Tuesday’s session in the red at $4.69-1/4 per bushel, and it remained flat on Tuesday to trade down at $4.69-1/4 a bushel at 10:20 GMT.
According to Reuters, Egypt filled its latest tender for 4.4 million bushels of Gulf SRW, but any boost from the deal didn’t last long. May SRW broke to new session lows after the Egypt deal hit the wires, suggesting the only way the U.S. is competitive is by low-balling prices. Nominal offers from Egypt’s other suppliers looked cheaper once freight is factored in.
Egypt’s move to extend payment up to 180 days may have also been a factor.
CBOT Corn May futures ended Tuesday’s session in the red at $3.77 a bushel, and it continued its losses to trade down at $3.75 a bushel on today’s session at 10:30 GMT.
Trade estimates compiled by wire services show the average guess only a little higher than the 90.9 million acres we reported last week from results out of the latest survey. However, history shows a 50-50 chance of lower acreage from March intentions, a factor in play this year due to wet conditions and low prices.
CBOT Soybean May ended Tuesday’s session in the red at $9.00-3/4 a bushel, and it's lost on today’s session to trade lower at $8.89 a bushel at 10:30 GMT.
Estimates collected by wire services show an average slightly higher than the 85.9 million acres we found in our survey. However, there’s also a 70% chance historically that farmers will plant more acres, especially if the soybean to corn ratio rises and corn planting goes slowly.
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